DEALS & PROJECTS

THE NEWPORT BEACH, CALIF., office of Lee & Associates has negotiated the sale of the Optum Building in Costa Mesa, Calif., for $10.15 million to Brinderson, an engineering, design and construction firm. Lee & Associates represented seller Village Properties, a Northern California real estate investment company. The Optum Building is a three-story, Class-A office building with 46,521 sq. ft. of rentable space. Brinderson will occupy the first floor and lease the other two.

ASHKENAZY ACQUISITION CORP. of New York has acquired the 800,000 sq. ft. 69th Street shopping district in Philadelphia. The 69th Street area is a five-block section of urban retail and office space. In December of 2004, Ashkenazy also purchased Philadelphia's 17-story Avenue of the Arts Building, which includes 16 floors of residential space and 30,000 sq. ft. of retail.

DJM CAPITAL PARTNERS INC. of San Jose, Calif., a real estate investment company, has purchased Bella Terra, a 48-acre, 777,000 sq. ft. entertainment center in Huntington Beach, Calif., for $228 million. The transaction was a joint venture with GMAC Institutional Advisors of San Jose. The sale was completed as Bella Terra continues to undergo a $170 million renovation.